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Imputed Income on Group Term Life Insurance on Paychecks Is Incorrect (Doc ID 2918895.1)

Last updated on JANUARY 03, 2023

Applies to:

PeopleSoft Enterprise HCM Human Resources - Version 9.2 to 9.2 [Release 9]
Information in this document applies to any platform.

Symptoms

Imputed income for employer-paid life insurance is calculated only on the first pay period of the month for a biweekly payroll. For 92,000 of coverage, an employee whose rate for imputed income from the IRS Rate Table is $.10/$1000 of coverage/month, the amount of imputed income on the paycheck should be $4.20 but instead is calculating as $9.10.

Steps to reproduce the issue:

     1. Calculate payroll for the first pay period of the month (Navigation: Payroll for North America > Payroll Processing USA > Produce Payroll > Calculate Payroll).
     2. Review the imputed income calculated for the Basic Life Insurance (Navigation: Payroll for North America > Payroll Processing USA > Produce Payroll > Review Paycheck).

Changes

 

Cause

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In this Document
Symptoms
Changes
Cause
Solution


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